Dynamics GP Year-End Closing Tips

12 Days of GP Tips: Day 6 – Remember These Steps After Closing the Year

After you have closed the Year – REMEMBER the following:

  1. For the year that you just closed, you can re-open the last period IF you need to post adjusting entries.  These entries will automatically update the beginning balance accounts and retained earnings.
  2. If you accidentally had an account set to be a Balance Sheet account, and it should have been a P&L account (or other such accident), the year-end close can be reversed.
    1. We see a number of support cases each year regarding Posting Types (Balance Sheet or Profit & Loss) not being set correctly before the year-end close takes place.  Try to make time to review your general ledger account types beforehand so as to avoid incorrect balance or retained earnings accounts.

**Remember, in GP, you can post back one historical year, and GP will update the correct accounts for you.

If you need any help with your year-end processes, please contact us. Stay tuned for more helpful tips! And if you missed the first five tips, you can catch them here:

Day 1 – Stress-Free Year-End

Day 2 – Backups Are Critical

Day 3 – Remember That Year-End Close Tasks Are Time/Order Sensitive

Day 4 – Watch the Year-End Processing Webinar Recording

Day 5 – Remember That Some Year-End Closing Routines Take Time

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